By Gina Lee
Investing.com – Gold was up on Friday morning in Asia, recovering from a more than 1% fall during the previous session. A near a one-week low gave the yellow metal a boost, although the U.S. Federal Reserve’s plans to begin asset tapering quicker than planned kept it on track for a third consecutive week of declines.
inched up 0.13% to $1,752.15 by 12:10 PM ET (4:10 AM GMT), after hitting $1737.46, its lowest level since Aug. 11, on Thursday, but was down 0.4% for the week.
The dollar, which normally moves inversely to gold, inched up on Friday but remained near the one-week low that it hit the day before.
The and handed down their respective policy decisions on Thursday. While the former kept its interest rate unchanged at 0.10%, the latter raised its interest rate to 0.25% from the previous month’s 0%.
The Fed said that it would likely begin asset tapering within 2021 and hike interest rates in 2022 when it handed down its latest policy decision a day earlier.
On the data front, released earlier in the day said that the grew 0% year-on-year in August. The national CPI contracted 0.4% and 0.2% respectively. The for September was 51.2.
In other precious metals, silver gained 0.5% to $22.61 per ounce and is up 1% for the week so far. Palladium rose 0.5% to $1,992.67 but was set for a third consecutive week of declines. Platinum fell 0.8% to $980.67 but was headed for a 4.3% weekly gain, its biggest in six weeks.
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